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AZB, Wadia G, Kirkland, HogLove delist iGate’s Patni for $271m from BSE, NSE, NYSE

Patni gets out of BSE & others
Patni gets out of BSE & others

AZB & Partners advised Nasdaq-listed information technology services company iGate Corp in its Rs 1,400 crore ($271m) voluntary delisting of its Mumbai-based unit Patni computer systems, which was jointly advised by Wadia Ghandy and international law firm Hogan Lovells.

AZB Mumbai partners Essaji Vahanvati and Varoon Chandra acted for Pan-Asia iGate Solutions and iGate Global Solutions, which delisted Patni’s equity shares from Bombay Stock Exchange and National Stock Exchange at Rs 520 per share.

Kirkland & Ellis New York partner Srinivas Kaushik and securities partners Josh Korff and Michael Kim advised Pan-Asia iGate on non-Indian law aspects.

Wadia Ghandy partner Ashish Ahuja and associate Vivek Pillai, and Hogan Lovells Washington DC partners Joseph Connelly and Marcia Weiss and London partner Peter Kohl acted for Patni, whose American depository shares were delisted from the New York Stock Exchange.

iGate had acquired 83 per cent equity for $1.22bn at Rs 503 a share in Patni last year, with 12 law firms having powered the takeover. AZB & Partners, along with J Sagar Associates (JSA), were the Indian legal advisors to Patni, at the time.

Wadia Ghandy was also instructed by Patni’s 12-strong board of directors and independent directors, in last year’s acquisition. Khaitan & Co was drafted in by iGate last year, as the Indian legal advisors.

iGate-Patni posted a revenue of $779.7 million in December last year, $479m of which was Patni’s revenue effective 15 May 2011 when the acquisition closed, according to Mint.

The share price for this delisting was determined between 28 and 30 March by a reverse book building process. The last bid was placed by US-based hedge fund Elliot Management which had bought 11 per cent equity in iGate Patni end of 2011.

The buyback was done at a 3.3 per cent premium from last year’s takeover, according to Business Standard, and was financed through a Rs 1,356 crore ($265m) loan from DBS Bank Singapore.

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